Vitol Observations on Rising Demand for Oil in Shipping and Aviation

Friday, 22 March 2024, 00:35

Vitol, the world's largest independent oil trader, notes a surge in oil consumption by the shipping sector due to longer routes to avoid risks. CEO Russell Hardy highlights a 3% increase in fuel usage by ships amid security concerns. Managing Director Kieran Gallagher reports jet fuel demand reaching pre-pandemic levels. The post also mentions bullish sentiments towards crude oil amidst favorable market conditions.
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Vitol Observations on Rising Demand for Oil in Shipping and Aviation

Insights from Vitol

A couple of pieces with remarks from Vitol. Vitol is the world's biggest independent oil trader.

Rising Oil Demand in Shipping

  • CEO Russell Hardy: Shipping sector consumes 100,000 additional barrels of fuel daily.
  • Security Concerns: Ships sail longer distances to avoid risks.

Aviation Sector Update

  1. Managing Director Kieran Gallagher: Jet fuel demand rebounds to 6.9 million barrels/day, similar to 2019 levels.

Market Sentiments: Positive outlook for crude oil supported by favorable conditions.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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